LRB-0994/1
JK:jld:md
2011 - 2012 LEGISLATURE
February 2, 2011 - Introduced by Senators Lazich, Grothman, Hopper, Zipperer
and Holperin, cosponsored by Representatives Marklein, Ripp, Strachota,
Van Roy, Steineke, Brooks, Petrowski, LeMahieu, Jacque, Vos, T. Larson,
Spanbauer, Rivard and
Bies. Referred to Committee on Public Health, Human
Services, and Revenue.
SB14,1,3
1An Act to create subchapter XVI of chapter 71 [precedes 71.98] of the statutes;
2relating to: adopting federal bonus depreciation tax provisions for state
3income and franchise tax purposes.
Analysis by the Legislative Reference Bureau
This bill adopts, for state income and franchise tax purposes, recent changes to
federal law related to a depreciation allowance for certain property. Under the bill,
generally, a taxpayer may take a depreciation deduction equal to 100 percent of the
adjusted basis of qualified property for property placed in service after September
8, 2010, and before January 1, 2012. A taxpayer may take a 50 percent depreciation
deduction for such property placed in service after December 31, 2011, and before
January 1, 2013.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB14, s. 1
4Section
1. Subchapter XVI of chapter 71 [precedes 71.98] of the statutes is
5created to read:
SB14,2,32
subchapter xvi
3
Internal revenue code update
SB14,2,5
471.98 Internal Revenue Code update. The following federal laws, to the
5extent that they apply to the Internal Revenue Code, apply to this chapter:
SB14,2,9
6(1) Bonus depreciation. Section
168 (k) of the Internal Revenue Code, as
7amended to December 31, 2010, relating to extending and increasing a special
8allowance for certain property acquired after September 8, 2010, and before January
91, 2012.
SB14,2,1111
(1) This act first applies to taxable years beginning on January 1, 2011.
